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Chapter 4 Industrial

TermDefinition
Entrepreneurs people who invest money in a product or enterprise to make a profit
Protective Tariffs taxes that would make imported goods cost more than those made locally
Laissez Faire policies which allowed businesses to operate under minimal government regulation
Patent a grant by the federal government that gives the inventor of something the exclusive right to develop, use, and sell an invention for a set period of time
Bessemer Process method developed in the mid 1800s for making steel more efficiently
Suspension Bridge bridges where the road is suspended by steel bridges
Time Zones 24 separate areas, one for each hour
Mass Production systems for turning out a large numbers of products quickly and inexpensively
Corporation a number of people share the ownership of a business
Monopoly complete control of a product or service
Cartel businesses making the same product agree to limit their production, and thus keep prices high
Horizontal Integration system of consolidating many firms in the same business
Trust companies assign their stock to a board of trustees, who combine them into new organizations
Vertical Integration system of consolidating firms involved in all steps of a products manufacture
Social Darwinism belief in nineteenth century that certain nations or races were superior to others and should rule over them
Interstate Commerce Commission (ICC) first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures
Sherman Antitrust Act outlawed any trust that operated "in restraint of trade or commerce among the several states."
Sweatshop small,dirty,dark factories where a lot of people worked long hours
Company Town houses around a workplace that is owed by businesses and rented out to the employees
Collective Bargaining negotiating as a group for higher wages or better working conditions
Socialism economic and political philosophy that favors public rather than private control of land
Knights Of Labor organize all workers and focused on broad social reforms
American Federation of Labor (AFL) labor union that put people in specific skills and made small demands rather than big changes
Haymarket Riot 1886 labor-related protest in chicago which ended in deadly violence
Homestead Strike 1892 strike against carnegie's steelworkers in homestead/ pennsylvania
Pullman Strike violent 1894 railway workers strike which began outside of chicago and spread nationwide
Created by: alliepeyton47